Lol zero updates you better look again.
IRVING, Texas, April 14, 2017 (GLOBE NEWSWIRE) -- Excel Corporation (EXCC), a leading provider of integrated financial and transaction processing services to merchants throughout the United States, today reported its consolidated results for the year ended December 31, 2016. Due to the acquisition of the U.S. operations of Calpian, Inc. on November 30, 2015, the results of 2016 and 2015 are not comparable.
2016 Financial and Operational Highlights:
Results for eVance include first full year of operations from Calpian acquisition
Completed new $25 million credit facility in November 2016
Restructured Securus subsidiary operations in April 2016
Reported increased annual revenue of $17,115,210
Earned net income from continuing operations of $1,233,055
Reported a net loss after discontinued operations of $1,796,157
Increased year-end cash and cash equivalents to $1,586,207
Generated positive EBITDA of $3,431,311
“Coming off a strong finish last year, 2016 was another eventful and successful year for Excel, setting the stage for our future growth. We completed the integration of our late 2015 acquisition of the U.S. assets of Calpian Inc., restructured our Securus operations - significantly improving profitability and in November 2016, secured a new $25 million credit facility to refinance our existing secured debt and provide for additional acquisitions,” stated T. A. “Kip” Hyde, Jr., Excel's CEO. “These three major accomplishments now provide Excel with a more robust operating platform, improved profitability and a great foundation for 2017.”
Selected financial information comparisons:
For the full-year 2016, net revenues increased 204.0% to $17,115,210 as compared to $5,629,240 in the prior year. The increase in total revenues was primarily due to the first full year of results from Excel’s acquisition of the U.S. assets of Calpian, Inc. For the year ended December 31, 2016, net income from continuing operations decreased by $844,521 or 40.6% to $1,233,055. This decrease is primarily due to increased net interest expense of $1,556,105 as compared to $371,596 in the prior year resulting from the Calpian acquisition. In addition, the 2015 results included a non-operating gain from the sale of a residual portfolio of $445,742. The Company recorded a net loss for 2016 of $1,796,157 compared to a net loss of $1,622,494 in 2015, a 10.7% decline. Similar to 2015, this year’s net loss is primarily due to charges taken on the loss from discontinued operations, as well as an additional loss on disposal of operations taken at our Securus subsidiary of $2,188,571 and $840,641 respectively. EBITDA for 2016 increased to $3,431,311 or up 19.2% compared to 2015 EBITDA of $2,878,749. Lastly, 2016 year-end cash and cash equivalents increased to $1,586,207 or 338.0% over the 2015 year-end balance of $362,130.
For the year ended December 31, 2016, the Company announced the following results. The Table below presents summary financial data; see the Company’s Form 10-K filed on April 14, 2017 for additional information:
Excel Corporation
Summary Consolidated Financial Results
Year ended
December 31,
2016 2015
Revenues $ 17,115,210 $ 5,629,240
Costs and expenses 14,292,448 3,625,810
Operating income from continuing operations 2,822,762 2,003,430
Interest expense, net 1,556,105 371,596
Other income (expense) (33,602 ) 445,742
Net income from continuing operations $ 1,233,055 $ 2,077,576
Loss from discontinued operations (2,188,571 ) (3,700,070 )
Loss on disposal of operations (840,641 ) —
Net income (loss) $ (1,796,157 ) $ (1,622,494 )
Fully diluted earnings per share
Net income from continuing operations $ 0.013 $ 0.021
Loss from discontinued operations (0.031 ) (0.038 )
Net loss (0.018 ) (0.017 )
EBITDA calculation
Net income from continuing operations $ 1,233,055 $ 2,077,576
Depreciation and amortization 485,784 143,428
Interest expense, net 1,556,105 371,596
Non-cash stock compensation 156,367 286,149
Income tax expense, net — —
EBITDA $ 3,431,311 $ 2,878,749
Selected Balance Sheet Data
Dec 31, Dec 31,
2016 2015
Cash and cash equivalents $ 1,586,207 $ 362,130
Total assets 14,711,950 14,013,270
Current portion of long-term debt 12,809,252 8,984,544
Long-term debt, net of current portion — 226,733
Total stockholders equity (deficit) (372,206 ) 1,037,584
